Page 11 - LatAmOil Week 05 2023

LatAmOil GUYANA LatAmOil

The programme will be funded by a $20mn loan the oil and gas sector. For example, it is mulling
from the World Bank that was approved in 2019, the creation of an oil and data management sys-
officials in Georgetown noted. It is designed to tem, as well as additional support for public rela-
enhance the government’s overall institutional tions and project management activities.
capacity with respect to developing a framework Meanwhile, Guyana’s government has
for oil and gas production, delivery and storage, recently closed several deals that will sup-
and it will be applied to the Ministries of Nat- port the oil and gas industry. These include a
ural Resources, Public Works and Finance in two-year contract with vLex Justis Ltd worth
particular, they said. $38,070 for the supply of software that will pro-
Additionally, the funding will help expand vide up-to-date oil and gas articles, journals and
the capabilities of both the Geology and Mines books. Georgetown will use these materials to
Commission (GGMC) and the Environmental strengthen its legal representation.
Protection Agency (EPA), both of which play The government has also signed an agree-
a major role in oversight and regulation of the ment worth $530,630 with Landmark Technol-
oil and gas sector. The EPA has said it will use ogy Holdings for well management software. It
its share of the money to introduce technolo- will use this software for assessing, reviewing
gies such as artificial intelligence and data ana- and evaluating any changes to well programmes
lytics to improve regulatory compliance and or designs.
enforcement. Additionally, Georgetown has approached
In addition to providing funding to regu- Schlumberger Guyana to discuss the possibility
latory bodies, the Guyanese government also of providing analytical geoscience and reservoir
hopes to use a portion of the proceeds from the engineering software. This deal, worth $998,489,
World Bank credit to fund projects that support would allow the government to ensure that all

BRAZIL
Petrobras finalises sale of Albacora Leste

BRAZIL’S national oil company (NOC) Petro-
bras revealed on January 26 that it had com-
pleted the sale of Albacora Leste, a field located
in the pre-salt section of the offshore Campos
basin, to Petro Rio Jaguar Petróleo Ltda. The lat-
ter company is a subsidiary of privately owned
Petro Rio (PRIO), Brazil’s largest independent
oil and gas firm.
In a statement, Petrobras said that as a result
of the transaction, Petro Rio Jaguar Petróleo
was now serving as operator of Albacora Leste
and owned a 90% equity stake in the field. The
remaining 10% of the site is held by Repsol Sino-
pec Brasil, a partnership between Repsol (Spain)
and Sinopec (China), it noted.
PRIO finalised the sale on January 26 by
making a cash payment of $1.635bn to Petro-
bras, the statement said. This amount will
supplement the $292.7mn that the NOC had
received initially when the deal was first signed PRIO’s subsidiary wants to develop the field in multiple phases (Image: Petrobras)
and announced on April 28, 2022, it revealed.
The Brazilian company is set to receive up to (FPSO) vessel. This FPSO is capable of handling
$250mn more from PRIO in contingent pay- 180,000 barrels per day (bpd) of oil and 6mn
ments, depending on the future price of Brent cubic metres per day of natural gas.
crude oil, it added. Currently, Albacora Leste is yielding about
Albacora Leste lies about 120 km from the 29,000-30,000 bpd of crude oil and 591,500
Cabo de São Tomé in the northern part of the cubic metres per day of gas. PRIO has said it
Campos basin. It covers an area of 511.56 square expects the field to contain more than 280mn
km and lies in waters ranging from 1,000 to barrels of oil in 1P reserves that are economically
2,150 metres deep. The field was discovered in recoverable, with more than 240mn barrels of
1986 and has been in production since 2006, crude net to the operator.
and is being developed with the P-50 platform Petro Rio Jaguar Petróleo has said it intends
floating storage, production and off-loading to develop Albacora Leste in two phases.

Week 05 01•February•2023 www. NEWSBASE .com P11